Podcast Summary: “How to Make Smart Financial Moves in Any Climate”

Podcast: Your Next Move by Inc. Magazine (with Capital One Business)
Date: September 23, 2025
Host: Mike Hoffman, Editor-in-Chief, Inc.
Guests:

• Baba Rivera, Founder of Ceremonia
• Brigham Hyde, CEO & Co-founder of Atropos Health

Episode Overview

This episode of Your Next Move explores how entrepreneurs can make savvy financial and fundraising decisions regardless of the prevailing economic climate. Featuring two accomplished founders—Baba Rivera and Brigham Hyde—it offers practical insights into raising capital, choosing investors, optimizing cash flow, and maintaining founder control. The conversation also highlights experiences unique to women founders and dives into balancing business growth with personal and organizational resilience.

Key Discussion Points & Insights

1. Company Introductions and Missions

[01:02 – 02:22]

• Ceremonia is a clean hair wellness brand rooted in Chilean beauty rituals and focused on holistic hair care using natural ingredients.
  • Raised $11.5M, including a $10M Series A ([01:24])
• Atropos Health automates high-quality real-world evidence in healthcare using AI, addressing the lack of clinical evidence behind many healthcare decisions.
  • Raised $64M ([02:20])

2. Fundraising Obstacles and Gender Dynamics

[02:23 – 04:14]

• Baba Rivera shared early fundraising challenges, including personal bias against women founders, particularly around pregnancy:

  “I had an investor straight out tell me that I shouldn’t have kids in at least five years if I was serious about this company. … I’m on a personal mission to change that.” – Baba Rivera ([02:31])

• Brigham Hyde reflected on how family responsibilities can be leveraged for focus and performance, noting:

  “Amongst my leadership team, we have a total of 15 kids under eight. … When you have people in that stage of life, it can drive great focus and great performance.” – Brigham Hyde ([04:03])

3. Fundraising Strategy & Picking Investors

[04:14 – 05:45]

• Brigham emphasized being “choosy” about investors, picking those with aligned, long-term visions—not just those offering the most money:

  “We got offered a lot more money and I said no … because you have to keep track of what the money’s for and what you’re going to be able to produce and value.” – Brigham Hyde ([04:28])

• There’s an advantage in aligning fundraising with business “highs,” not just out of necessity.

4. Use of Early Funding

[05:45 – 06:38]

• Ceremonia:
  • Spent early investment on product R&D and D2C marketing—responding to demand to build a full product line.
  • Later invested heavily in a Sephora launch ([05:48]).
• Atropos Health:
  • Focused on product innovation and disciplined allocation of investment capital.

5. The Role of Advisors and Networks

[06:38 – 08:29]

• Baba credited former founders-turned-angels as the best advisors, highlighting their humility and practical support:

  “Former founders turned angel investors have been the greatest advisors to me… They know the journey.” – Baba Rivera ([06:57])

• Brigham runs “R&D Days,” informal sessions with investors and advisors to discuss products—not just financials. He encourages activating founder and investor networks:

  “It works really well. … Every time I do it, somebody … introduces a customer, introduces a partner. So it’s a good way to activate that network.” – Brigham Hyde ([08:30])

• Peer founder chats are vital for sharing informal advice.

6. Balancing Fundraising and Business Operations

[09:12 – 10:16]

• Fundraising is time-intensive and can paralyze core business operations, especially for sole founders.

  • Baba only raises when business momentum is high, not out of desperation:

    “I like to fundraise when we’re coming off a high or where we have a big opportunity … versus fundraising when you’re running out of capital.” – Baba Rivera ([09:28])

• Brigham emphasized intentional planning to balance periods focused on fundraising and operational leadership ([10:18]).

7. Extending Runway and Managing Cash Flow

[11:17 – 12:39]

• Ceremonia used Shopify Capital and Settle to extend runway without further dilution ([11:24]).
• Brigham recommended early attention to invoicing, contracts, and cash flow management as part of a CFO mindset. Structuring healthy contracts is essential:

  “Understanding how you build a healthy contract versus one that is going to make your business unhealthy—and being firm on those terms...” – Brigham Hyde ([11:47])

8. Building Investor Relationships

[13:23 – 14:43]

• Baba advocates frequent, informal, and authentic communication with investors:

  “When I was able to take down the guard and share more often ... it really changed the game. ... Now my board is so ingrained into my business.” – Baba Rivera ([13:35])

• Brigham values open debate and diverse perspectives—like Lincoln’s “team of rivals”—to improve decision-making ([14:43]).

9. Managing Control and Investor Alignment

[15:11 – 17:04]

• Both founders stress being values-aligned and maintaining sufficient founder control.
  • Baba protects board votes and equity in every round ([16:58]).
  • Brigham uses independent board members for balance but stresses upfront alignment over rigid controls.

10. Future Funding Strategies and Market Timing

[18:08 – 20:10]

• Baba: Next focus is profit-driven growth and seeking Series B investors with deep industry experience ([18:22]).
• Brigham: Eyes Series C as a pivotal point—deciding between IPO, further growth, or strategic partnerships, with close attention to market cycles and emerging opportunities in AI healthcare ([18:47]).

11. Audience Q&A Highlights

[22:06 – 25:34]

• Finding the Right Investors:

  • Start with your founder network and industry-focused communities ([22:13]).
  • Consider regional VC landscapes and consult early customers about preferred investors ([22:29]).

• Crafting the Perfect Pitch:

  • Clearly articulate your mission, path to execution, and why you are uniquely suited to solve the problem ([23:08]).

    “One piece that a lot of founders forget is why they are uniquely positioned to solve that exact problem.” – Baba Rivera ([23:27])

• Post-Seed Scaling:

  • Secure key anchor customers who can act as early advocates ([23:53]).
  • Study your “super customers” to deeply understand early traction ([24:23]).

• Cash Flow vs. External Capital:

  • Use cash flow to grow when the investment climate is unfavorable; it prevents dilution and allows experimentation ([24:48]).

    “Cash flow is always a good supplement to external VC because it doesn’t dilute you as a founder.” – Baba Rivera ([24:48])

Notable Quotes & Memorable Moments

• “You never know what you’re capable of. … I tend to think that challenging yourself is actually the way to drive some of the best results.”
  – Brigham Hyde ([03:38])
• “For me, I’m on a personal mission to change that.”
  – Baba Rivera, on women and parental bias in entrepreneurship ([03:28])
• “Pick really great partners, who are both experienced and long term view, who really align to what we do.”
  – Brigham Hyde ([04:28])
• “That’s not how you build any relationship, right? ... I have my group chat with the founder community. I have the group chat with the board. ... There is something about just like little snippets of very digestible communication.”
  – Baba Rivera ([13:35])
• “If you get to the point where [control] is a problem, you’ve made a mistake somewhere earlier. ... Getting that alignment piece right is more important than the rules.”
  – Brigham Hyde ([17:04])

Important Segment Timestamps

• [01:08] — Baba Rivera introduces Ceremonia
• [01:27] — Brigham Hyde introduces Atropos Health
• [02:31] — Baba discusses investor bias against mothers
• [04:28] — Brigham on picking investors and funding discipline
• [05:48] — Baba on using investment for innovation and Sephora launch
• [06:57] — Baba on value of angel investors who are founders
• [08:30] — Brigham outlines “R&D Day” for activating advisor networks
• [09:28] — Baba on timing fundraising when business is strong
• [11:24] — Baba on Shopify Capital and Settle to extend runway
• [13:35] — Baba on authentic board relationships
• [16:58] — Baba discusses protecting founder control
• [18:22] — Baba and Brigham on Series B/C plans and investor fit
• [22:13] — Advice for finding the right investors
• [23:27] — Pitching: Emphasize your unique advantage
• [24:23] — How to scale post-seed: Understanding super-customers
• [24:48] — Cash flow v. outside capital

Conclusion

This episode offers an honest look at the mechanics of scaling a business through both capital and community. Key takeaways include:

• The importance of aligning with the right investors and advisors
• The value of authentic, informal communication with stakeholders
• Practical strategies for managing cash flow, maintaining control, and leveraging founder networks
• Recognizing and countering gender bias in fundraising
• Timing fundraising with business milestones, not desperation

Both founders underscore that discipline, intentionality, and authenticity—coupled with enduring relationships—are essential for navigating any financial climate.